Prescriptive Analytics Market Size, Growth, Trends and Business Analysis 2023-2028

Prescriptive Analytics Market Trends 2023:

IMARC Group's latest research report, titled "Prescriptive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the prescriptive analytics market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global prescriptive analytics market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.1 Billion by 2028, exhibiting a growth rate (CAGR) of 21.43% during 2023-2028.

Prescriptive Analytics Uses:

Prescriptive analytics refers to the branch of advanced analytics that examines data or content by using numerous strategies, including graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, machine learning (ML), etc. In addition to this, it is considered a beneficial instrument in businesses for data-driven decision-making, minimizing human error or bias, and optimizing the efficiency of several operations. Prescriptive analytics also aids in providing a comprehensive and accurate form of data aggregation and analysis through advanced algorithms and technologies. As a result, it finds wide-ranging applications across various sectors, such as banking, financial services and insurance (BFSI), healthcare, retail, etc.

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Competitive Landscape with Key Players:

• Altair Engineering Inc
• Alteryx Inc
• Fair Isaac Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• River Logic Inc
• Salesforce Inc
• SAP SE
• SAS Institute Inc
• Teradata Corporation
• TIBCO Software Inc
• Zebra Technologies Corporation.

Prescriptive Analytics Market Demand and Advanced Technology(Big Data, IOT):

The rising usage of this solution for allowing businesses to examine data comprehensively and identify data-driven strategic decisions is primarily driving the prescriptive analytics market. Furthermore, it is also adopted in the banking, financial services and insurance (BFSI) sector to detect and flag frauds, alert the bank, and provide a recommended course of action is positively influencing the global market. Apart from this, the escalating demand for advanced analysis to assess pre-existing conditions of patients, determine their risk for developing future conditions, implement specific preventative treatment plans accordingly, etc., is acting as another significant growth-inducing factor.

Moreover, the increasing utilization of these systems, as they are more user-friendly and allow businesses to gain accurate, secure, and real-time data, the growing consumer inclination towards cloud platforms, and the expanding cloud data warehouses across the globe, are expected to fuel the prescriptive analytics market in the coming years.

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Key Market Segmentation:

Breakup by Component:

• Software
• Services

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Breakup by Business Function:

• Operations
• Sales
• Marketing
• Finance
• Human Resources

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by Industry Vertical:

• BFSI
• Healthcare
• IT and Telecommunications
• Retail
• Media and Entertainment
• Manufacturing
• Energy and Utilities
• Transportation and Logistics
• Government
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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